Werner Enterprises, Inc. (NASDAQ:WERN) Morgan Stanley’s 13th Annual Laguna Conference September 10, 2025 7:50 PM EDT
Company Participants
Christopher Wikoff – Executive VP, Treasurer & CFO
Nathan Meisgeier – President & Chief Legal Officer
Chris Neil – Senior Vice President of Pricing & Strategic Initiatives
Conference Call Participants
Ravi Shanker – Morgan Stanley, Research Division
Presentation
Ravi Shanker
MD & Lead Analyst
Great. So to round out the transports track on day 1, we have Werner, and we’re very happy to welcome back to Laguna, Chris Wikoff, EVP and CFO and Treasurer; Nate Meisgeier, President; and Chris Neil, SVP of Pricing and Strategic Planning. Gentlemen, thanks so much for being here.
Question-and-Answer Session
Ravi Shanker
Morgan Stanley, Research Division
So yes, I think the debate continues on the macro and the cycle as to whether we are going into an all-mighty recession or we are going into a huge rebound. I’m sure you know the answer to that question. So if you please enlighten us, that would be amazing.
Christopher Wikoff
Executive VP, Treasurer & CFO
Absolutely. Yes, we’ll get right to the answer. No, maybe just to back up and maybe we’ll just all take a bite at just overall describing the macro, at least from a demand standpoint, on the One-Way side, that’s been generally steady and generally seasonal. It’s been more so on Dedicated and the Logistics business, where we’ve seen some positive momentum, particularly in the second quarter, and that continues.
In Dedicated, we saw fleet growth that we signed earlier in the year in the first quarter, really our biggest streak of wins, new logos across a number of different verticals. It takes time to implement that, but we’ve been doing that over the last quarter and continue through the third quarter. So we like the trend there really being reliability back
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